Reference no: EM132983641
Chad Boudreaux is a 58-year-old riverboat captain. He grew up in New Orleans and has worked on the Mississippi River his entire life. He works for a private company in New Orleans called Crescent River Pilots Inc. (CRP) and is married to Patricia, who is 35 years old. They have a seven-year-old son, named River. CRP sponsors a 401(k) plan that offers a Roth account and a separate ESOP.
Chad has the following retirement plan accounts:
Account Description
ESOP account from CRP - consists of CRP shares. The cost basis for the shares is $75,000.
401(k) Plan From CRP Inc. 401(k) Plan from Schlumberger, where he worked in his thirties
Roth IRA (established in 2000 with a $2,000 initial contribution; three years ago he rolled over a traditional IRA with a balance of $10,000)
Traditional IRA (established twenty years ago with $15,000 of after-tax contributions)
Inherited IRA from the death of his mom. She died in the same year Chad turned 50 years old.
Current FMV Beneficiary $400,000 $800,000
Patricia Patricia
River River
$90,000 $45,000
$90,000 $120,000
Problem 1. If Chad took a $20,000 distribution from his traditional IRA to pay for the vacation, what are the tax implications?
Explain the annual report and the information contains
: Explain the annual report and the information it contains. Why is the annual report so important to investors? Give two examples and explain the importance
|
Explain the rightchain star model of supply chain
: Question - Explain the RightChain Star Model of Supply Chain Logistics perspective according to the BRAVO market
|
How much lost payment from medicare may be resulting
: Assuming an average payment of $6,000 per DRG, How much lost payment from Medicare may be resulting from poor coding and documentation?
|
Calculate the cost of the machine for prosperous company
: Insurance premium paid on the machine for its first year of operations 3,128. Calculate the cost of the machine for Prosperous Company
|
What are the tax implications for chad boudreaux
: Chad Boudreaux is a 58-year-old riverboat. If Chad took a $20,000 distribution from his traditional IRA to pay for the vacation, what are the tax implications?
|
What is the pv of the payments today
: If the interest rate is 6%, what is the PV of the payments today (i.e., at t=0)? An investment promises 2 equal payments of $727, with the first payment.
|
Evaluate how many years before have the down payment
: You have $14,941 today. If you put that money in a bank that offers 7.0% annual interest today, how many years before you have the down payment?
|
What is the amount of the firm''s total stockholder equity
: Your firm has the following balance sheet statement items: total liabilities of $1,000,000: What is the amount of the firm's total stockholder equity
|
How much should be debited to land account
: Branded Corporation exchanged 20,000 shares of its P 200 par value of Ordinary Shares for land. How much should be debited to land account
|